Company A, a small and medium-sized company that manufactures auto parts in Yangsan, Gyeongsangnam-do, was unable to receive the reimbursement payments when Company B, a customer, applied for corporate rehabilitation procedures with an overdraft.
To make matters worse, the bank demanded the repayment of a discounted draft mortgage loan, and was immediately driven to bankruptcy.
Fortunately, Company A, who subscribed to the credit guarantee fund’s accounts receivable insurance, was able to overcome the crisis and continue the business by repaying overdue bank loans and purchasing raw materials by receiving compensation of 300 million won out of the receivables that could not be recovered.
The Credit Guarantee Fund announced on the 18th that it will provide 20 trillion won worth of accounts receivable insurance this year to prevent serial bankruptcy and support business stabilization for SMEs suffering from Corona 19.
In addition, Shinbo continues to promote local government agreement insurance to alleviate the insurance premium burden of local SMEs.
Shinbo has signed an’insurance premium support agreement’ with 14 local governments, including Chungnam and Jeonbuk, to provide insurance premiums to local SMEs.
This year, it plans to support small and medium-sized enterprises (SMEs) to subscribe to trade receivable insurance without burdening insurance premiums through agreements with local governments.
In addition, Shinbo strengthens the role of public insurance for overcoming the Corona 19 crisis by giving preference to socially underprivileged companies such as early start-ups and social economy companies that are suffering from the contraction of domestic demand, and is a specialized product for mid-sized companies with high job creation effects. It plans to expand the supply of’high option insurance’ to 200 billion won.
In addition, Shinbo has developed a’non-face-to-face collective service app’ that can be used from mobile subscription to insurance claim in order to enhance accessibility and convenience of accounts receivable insurance, and to provide insurance information and recommendations through banks, which are the financial contacts of small and medium-sized businesses It was decided to promote diversification of sales channels.
Trade receivable insurance is a public insurance system that Shinbo is entrusted by the Ministry of SMEs and Startups. It is a maximum of 80 losses incurred when the insured company fails to collect money from customers after selling goods or services on credit. It rewards up to %.
You can sign up through Shinbo’s 10 regional insurance centers and 109 branches nationwide.
/yunhap news
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